Can a broker foreclose a loan?

[stellapena]

What is the name of your state? Florida

Over one yaer ago, I closed a mortgage loan using state downpayment assistance funds. After reviewing documents, the broker (correspondent lender) called three months after closing claiming that the lender had "called back" the loan because I purported committed fraud (I did not). I called the lender, and they informed me that this was not in my file or my account. I called the broker back and told them that they were servicing my loan, and It thought that was the end of that.

Now, over a year later, I get another call from the broker. Now they say that the servicer has decided to call back the loan (one year after closing), and that this will happen on June 30, 2006. (Mind you, I have not received any notice from ANYONE that this is going to happen.) The broker told me that we will need to find a new lender, i.e., refinance. I called my lender/servicer, and they have no clue what I'm talking about. They also told me that they would need my written authorization before they spoke to anyone regarding my loan.

If any of this makes any sense, please help me out. I don't even have the slightest clue how to proceed from here.

 

[acmb05]

What is the name of your state? Florida

Over one yaer ago, I closed a mortgage loan using state downpayment assistance funds. After reviewing documents, the broker (correspondent lender) called three months after closing claiming that the lender had "called back" the loan because I purported committed fraud (I did not). I called the lender, and they informed me that this was not in my file or my account. I called the broker back and told them that they were servicing my loan, and It thought that was the end of that.

Now, over a year later, I get another call from the broker. Now they say that the servicer has decided to call back the loan (one year after closing), and that this will happen on June 30, 2006. (Mind you, I have not received any notice from ANYONE that this is going to happen.) The broker told me that we will need to find a new lender, i.e., refinance. I called my lender/servicer, and they have no clue what I'm talking about. They also told me that they would need my written authorization before they spoke to anyone regarding my loan.

If any of this makes any sense, please help me out. I don't even have the slightest clue how to proceed from here.

Next time the broker calls you ask him to send you this in writing so that you will have something to show when you complain and ask that his license be suspended.

Do not give them authorization to discuss your loan with anyone.

 

[stellapena]

Thank you! I didn't sleep a wink last night, thinking about this. I will contact them today and ask them just that, including the name and telephone number of their "contact" at the lender. Also, should I contact the title insurance company?

 

[LindaP777]

It sounds like the broker is pressuring you into getting a new loan, where he can make another commission. Follow acmb05 advice.

 

[ice5146]

I know my Brokerage has to buy back a loan if an Auditor finds that the Borrower was not Disclosed to correctly. Maybe this is the case with your loan.

 

[stellapena]

The issue is that I've called the lender. They don't have a clue as to what I'm talking about. I'm very confused.

 

[CJanssen]

You have nothing to worry about. The broker needs to pay his Lexus payment, that's all.

 

[stellapena]

Thanks. I actually sent the broker an email (I saved a copy) requesting this to be put in writing, to include their "contact" at the lender nearly a week ago. I'm still waiting for a response.

 

[panzertanker]

Thanks. I actually sent the broker an email (I saved a copy) requesting this to be put in writing, to include their "contact" at the lender nearly a week ago. I'm still waiting for a response.

Do that again, this time in certified return receipt. CRRR.

Also, don't talk to the broker anymore.